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Securities and Exchange Commission

JPMorgan fined $153.6 million in CDO case

Wed, 06/22/2011 - 13:42 by Jamie Anderson

J.P. Morgan Chase & Co. has agreed to pay $153.6 million as settlement charges in the US civil fraud charges that in a portfolio of complex mortgage related securities.

Groupon bets big on IPO

Fri, 06/03/2011 - 16:10 by Jamie Anderson

Riding on the current wave of renewed investor interest in technology firms, Groupon Inc intends to raise $750 million in an initial public offering (IPO). The Chicago-based company will trade under the ticker GRPN.

Goldman strikes gold with $550mn SEC settlement

Sun, 07/18/2010 - 15:29 by Jaspreet Virk

Goldman Sachs does not seem to have lost anything after paying $550 million fine to the Securities and Exchange Commission (SEC) to settle the civil fraud case against it. In fact, the settlement with SEC has come as a big win for the New York based global investment banking and securities firm.

SEC charges ICP with fraudulent deals

Tue, 06/22/2010 - 11:09 by Rakhi

New York -- The Securities and Exchange Commission charged ICP Asset Management Monday with manipulating derivative deals to profit at the expense of investors.

An SEC lawsuit charges the company with a breach of investor trust.

The firm was hired by banks to oversee complex collateralized debt obligations, which are securities that derive their value from fixed-income assets. But the SEC said the company made a profit from the deals it was supposed to look after in a neutral fashion, The New York Times reported.

33 SEC staffers viewed porn at workplace--report

Sat, 04/24/2010 - 16:06 by Jaspreet Virk

In what can be termed as startling revelation, a recently released report states that nearly 30 Securities and Exchange Commission (SEC) employees viewed pornography at workplace over the last five years.

SEC charges five with insider trading

Wed, 02/17/2010 - 21:38 by Inderjit Singh

Miami -- The Securities and Exchange Commission has charged five Florida residents with insider trading that allegedly turned a $1 million profit, court papers show.

The SEC charged former chief financial officer of World Fuel Services Robert Tocci and two current company executives, Richard White and Steven Scoppetuolo, with trading stock just prior to a World Fuel Service earnings announcement in 2007, The Miami Herald reported Wednesday.

Stockbroker Sarang Ahuja and American Airlines pilot Eric Gordon were also charged with violating trading laws. Gordon and White are members of the same country club, court papers say.

SEC adopts new rules for money market funds

Thu, 01/28/2010 - 16:17 by Jamie Anderson

Washington, January 28-- With an aim of making the money market funds a secure investment vehicle, the U.S. securities regulators have adopted more stringent rules and regulations governing them.

SEC charges salesman in $250M Ponzi scheme

Wed, 09/30/2009 - 02:12 by surajdogra

Detroit -- The Securities and Exchange Commission filed charges in Detroit alleging a $250 million Ponzi scheme had defrauded a mostly elderly investor pool.

The SEC charged salesman Frank Bluestein of scalping 800 investors of more than $74 million between 2002 and 2007.

"As part of his sales strategy, Bluestein specifically targeted retirees and seniors," the SEC complaint says, The Detroit News reported Tuesday.

Bluestein worked at E-M Management LLC, selling investments related to telecommunications services at commercial businesses, like hotels and truck stops.

Bluestein's attorney David Foster said, "the SEC has to demonstrate intent to defraud and knowledge of the Ponzi scheme. Mr. Bluestein had neither."

Details of Microsoft, Yahoo! deal come out

Wed, 08/05/2009 - 23:18 by Salinder Kumar

Redmond, Wash. -- U.S. software giant Microsoft Corp. intends to pay Yahoo! Inc. 88 percent of the revenue from searches on Yahoo! Web sites, a regulatory filing said.

The Securities and Exchange Commission filing revealed details of the Microsoft and Yahoo! advertising partnership announced on July 29, CNNMoney.com reported Wednesday.

The agreement includes Microsoft hiring 400 Yahoo! employees and paying Yahoo! $150 million over three years. Microsoft, in turn, will be allowed access to Yahoo!'s search engine technology. Microsoft recently launched its own search engine called Bing.

The deal combines two heavyweights in the Internet advertising business and is subject to approval by antitrust regulators.

Buffett says Jobs' health is 'material'

Fri, 06/26/2009 - 04:03 by Salinder Kumar

Cupertino, Calif. -- Apple Inc. leader Steve Jobs's liver transplant operation should have been deemed critical information for investors, U.S. billionaire Warren Buffett said.

"Certainly Steve Jobs is important to Apple. Whether he is facing serious surgery or not is a material fact," Buffett said, The Los Angeles Times reported Thursday.

Jobs, a pancreatic cancer survivor, underwent a liver transplant in Tennessee on a medical leave of absence two months ago.
Apple said Jobs was suffering from a hormone imbalance, which the company later said was "more complex," the Times reported.

Revelation that his life had been in danger brought mixed reactions.

Judge hears Cuban insider trading case

Wed, 05/27/2009 - 12:03 by Salinder Kumar

Dallas -- A federal judge in Dallas is considering whether an insider-trading case against businessman Mark Cuban should be dismissed or move forward.

Attorneys for Cuban and the U.S. Securities and Exchange Commission argued legal points before U.S. District Judge Sidney Fitzwater Tuesday. The judge had yet to rule, The Dallas Morning News reported.

The SEC alleges Cuban used insider knowledge when selling his shares in Mamma.com in 2004. The federal commission claims the billionaire dumped his shares after the company's top executive alerted him there would be a private offering of company shares, an action that would have diluted the value of his holdings.